Tuesday 19 Mar 2024
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KUALA LUMPUR: Hap Seng Consolidated Bhd’s (fundamental score: 1.5; valuation score: 2.1) unit Hap Send Land Sdn Bhd recently unveiled its second commercial office development in Peninsular Malaysia — a 30-storey Grade A office building here, which has a gross development value (GDV) of RM380 million.

“Menara Hap Seng 2, adjoining the existing Menara Hap Seng [in Jalan P Ramlee), is built in compliance with the Green Building Index (GBI), hence ensuring the efficient use of resources. This ultimately will translate into operational savings and enhanced workplace productivity,” said Hap Seng Consolidated in a statement.

Menara Hap Seng 2 is built on 1.2 acres (0.485ha) of freehold land. It offers 326,000 sq ft of net lettable area, comprising office spaces ranging from 1,200 sq ft to 13,755 sq ft in size.

“Today’s [last Friday] unveiling goes beyond building spaces. We are not here only to facilitate a Grade A operating environment designed for our tenants’ long-term business continuity and connectivity, we intend to establish ourselves as a reputable property player,” said Hap Seng Land chief operating officer David Khor.

Menara Hap Seng 2’s green building effort includes its energy conservation features. It also implements sustainable technologies such as using energy-efficient light fittings and centralised air conditioning with variable air volume.

“These features present a tremendous value proposition to our target market — both local and multinational companies — seeking a premium office space in a prestigious new address,” Khor said.

“In fact, even before its completion, we were able to secure multinational tenants. This, I believe, can be attributed to our strategic location, our value proposition to our tenants as well as our status as a GBI-certified Grade A office building,” he said.

Shares of Hap Seng Consolidated closed five sen or 1.21% lower yesterday at RM4.09 with 1.57 million units traded, giving it a market capitalisation of RM8.86 billion.

 

The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in The Edge Financial Daily, on January 16, 2015.

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